Europe may make it through this winter, though somewhat battered, if the weather remains mild, Birol said.
G7 nations have proposed a mechanism that would allow emerging nations to buy Russian oil but at lower prices to cap Moscow's revenues in the wake of the Ukraine war. “I think this is good because the world still needs Russian oil to flow into the market for now. An 80%-90% is good and encouraging level to meet the demand,” Birol said.
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